Also, the
Ministry of Finance, India has mandated all corporate Income Tax
returns to be filed via XML format.

One of the major banks in India provides
outputs only in RTF (Rich Text Format), XLS (Microsoft Excel) and
.QIF (Money) formats for the 'Statement of Account' output in their Internet Banking for an individual accounts.

Banks in India should include XML as one of the additional data formats for the downloaded output reports from their Internet Banking Services.

This could be based on RBI (Reserve Bank Of India) and international banking guidelines
for all the Internet Banking outputs.

Kaytek has developed software to convert the 'Statement of Account' output from RTF file to XML file internally for our individual accounts.

This has helped in the integration of banking website accounting transaction Data with internal accounting Software.

Query as regards the functionality of Tally Accounting System.

Most organizations have related accounting entities in which they carry out cross-transactions.

In case Company A makes a payment to it's sister Company B and the accounts of both Company A and Company B are under Tally on the same machine, will the creation of the payment voucher in Company A's books automatically create a corresponding reverse Receipt Voucher in Company B's books of accounts ?

Kaytek was informed by the Tally support staff that "currently this feature is not available in Tally, we can try to customise as per your requirement on chargeable basis."

We were also informed that they were planning to introduce the same in Tally Ascent (their ERP solution).

As per information received by one of the oldest Tally Enterprise partners, a Chartered Accountant it was confirmed that the same was not possible due to the Service Tax, TDS (Tax Deducted At Source) complexities in the same.

He also doubted whether Tally would provide it in their Ascent solution. He said that Navision (one of Microsoft's ERP solution, now Microsoft Dynamics NAV ) had this facility but had not been customised for the Indian markets.

Such an automatic inter-account reconciliations facility exists in most of the advanced ERP and accounting systems.